16 Dec Feds To Cut Key Interest Rate
The Board of Governors for the Federal Reserve announced today that it has decided today to establish a target interest range for the federal funds rate of 0 to 1/4 percent.
The Federal Reserve cited the deteriorating labor market and the decline in consumer spending, business investment, and industrial production as factors in its decision to lower the interest rate.
The Federal Reserve had recently reduced the federal funds interest rate down to 1 percent.
The reduction will mark the lowest that the federal funds interest rate has been in nearly 50 years.
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